Money in Italy

The currency in Italy since 2002 has been the Euro. In 2002 the euro replaced the Italian lira which had been the official currency of Italy since 1861. Italy is one of the twelve original European Union nations to adopt the euro, represented by the twelve stars on the design of the euro coins and notes. Coins are issued in one and two Euros, notes for 5, 10, 20, 50, 100, 200 and 500 Euros.

In Italy, three types of bank exist. Most banks in Italy are cooperative credit banks, owned by craftsmen and farmers. There are also cooperative banks, which provide loans, and credit banks, which are ordinary banks. There are around 50 foreign banks in Italy, mostly with branches in Milan and Rome. Italian banks are known for charging extremely high rates of interest.

Anyone may open a bank account with an Italian bank, whether they live in Italy or not. However, those who live in Italy must get a resident account which is subject to more restrictions, such as withholding tax, than a non resident account. All Italian bank accounts come with a debit card, credit card, and there is often a 300 Euro withdrawal limit on ATM machines in Italy.